Best’s News & Research Service - March 01, 2018 01:23 PM (EST)
A.M. Best Removes From Under Review and Affirms Credit Ratings of California Casualty Compensation Insurance Company
- March 01, 2018 01:23 PM (EST)
Oldwick //BestWire// - A.M. Best has removed from under review with positive implications and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-“ of California Casualty Compensation Insurance Company (CCCIC) (San Mateo, CA). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings were placed under review with positive implications on Oct. 13, 2017, following the release of the updated Best’s Credit Rating Methodology (BCRM). The current rating actions follow the completion of A.M. Best’s analysis of CCCIC under the updated BCRM.
The ratings reflect CCCIC’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, very limited business profile and appropriate enterprise risk management.
The rating actions reflect CCCIC’s more-than-supportive level of risk-adjusted capitalization and sound liquidity position, given its run-off status. These positive rating attributes are offset partially by variability in loss reserve development trends and the general constrictions on the business profile of a company in a run-off state.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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